Chartres Lodging joint venture buys Ocean Resort Hotel Waikiki

The Ocean Resort Hotel Waikiki has been sold to a joint venture controlled by The Chartres Lodging Group LLC and a fund managed by Morgan Stanley Real Estate Investing.

OR Hotel LLC sold the 451-room, twin-tower hotel for an undisclosed price.

Chartres Lodging Group said subsidiary Kokua Hospitality will take over management of the hotel, according to a company statement. The Ocean Resort Hotel Waikiki is currently managed by Castle Resorts and Hotels.

Chartres Lodging Group plans to renovate, reposition and rebrand the hotel during the next 18 months, according to the statement.

The Ocean Resort Hotel Waikiki is ranked No. 21 on PBN’s list of the largest Oahu hotels.